RISESUN Real Estate Development Co. yesterday said most creditors have given a positive response so far to its offer to swap two dollar bonds, as the cash-strapped developer seeks more time to repay debt.

A majority of holders have provided verbal consent to its proposal to exchange the bonds maturing next year for new notes with longer durations, RiseSun said, without giving specific figures. Investors holding less than 10 percent of the notes have indicated opposition to the plan, the company said.

RiseSun last week proposed to swap the two bonds maturing in January and April, totaling about US$780 million, for new securities that wouldn’t come due until 2023 and 2024.

The swap requires acceptance from at least 85 percent of holders, RiseSun said in an exchange filing last week. Holders have until Dec. 30 to accept the offer, and will receive extra cash if they agree by Friday.

RiseSun is among a handful of developers seeking to delay their offshore debt repayments after soaring yields during a leverage crackdown made it too expensive to refinance debt. (SD-Agencies)